XBiotech Inc (NASDAQ:XBIT) was the recipient of a significant decline in short interest in the month of March. As of March 13th, there was short interest totalling 2,935,300 shares, a decline of 21.1% from the February 27th total of 3,720,000 shares. Based on an average trading volume of 460,000 shares, the short-interest ratio is presently 6.4 days. Currently, 14.4% of the shares of the company are sold short.
In related news, major shareholder Street Financial S.A. Bay sold 1,662,616 shares of the business’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $6.38, for a total transaction of $10,607,490.08. Following the transaction, the insider now directly owns 3,337,384 shares in the company, valued at $21,292,509.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 33.40% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Meeder Asset Management Inc. acquired a new position in shares of XBiotech in the 4th quarter worth approximately $40,000. Bank of Montreal Can boosted its holdings in shares of XBiotech by 31.8% in the 4th quarter. Bank of Montreal Can now owns 2,390 shares of the biopharmaceutical company’s stock worth $45,000 after acquiring an additional 576 shares in the last quarter. Tower Research Capital LLC TRC acquired a new position in shares of XBiotech in the 4th quarter worth approximately $92,000. Citigroup Inc. boosted its holdings in shares of XBiotech by 641.4% in the 4th quarter. Citigroup Inc. now owns 6,977 shares of the biopharmaceutical company’s stock worth $130,000 after acquiring an additional 6,036 shares in the last quarter. Finally, ProShare Advisors LLC acquired a new position in shares of XBiotech in the 4th quarter worth approximately $214,000. Institutional investors own 13.30% of the company’s stock.
XBIT stock opened at $9.47 on Friday. XBiotech has a 1-year low of $6.76 and a 1-year high of $26.40. The firm has a market cap of $389.12 million, a P/E ratio of -15.03 and a beta of 1.13. The business’s 50 day moving average is $13.54 and its 200-day moving average is $14.19.
Several equities research analysts have recently weighed in on the company. Piper Jaffray Companies upped their price objective on XBiotech from $16.00 to $28.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. ValuEngine upgraded XBiotech from a “sell” rating to a “hold” rating in a research note on Tuesday, March 3rd. Finally, BidaskClub upgraded XBiotech from a “strong sell” rating to a “sell” rating in a research note on Friday, March 20th.
XBiotech Company Profile
XBiotech Inc, a pre-market biopharmaceutical company, engages in discovering and developing True Human monoclonal antibodies for treating various diseases. The company's lead product is bermekimab, a therapeutic antibody that neutralizes interleukin-1 alpha, which has completed Phase III clinical trial in Europe for the treatment of symptomatic and advanced colorectal cancer.
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